ASX Tech Stocks: Cipherpoint fails to impress with Brace168 FY21 revenue
It’s a slow day for tech stocks, with cyber security player Cipherpoint (ASX:CPT) dropping 9.09% after releasing an audit of subsidiary Brace168 revenues for FY21.
Brace168 builds IT and cyber security solutions for business and government agencies.
But it only earned 90% or $2,688,385 of the targeted earn out of $3,000,000 for FY21.
It was materially impacted by COVID-19 lockdowns in NSW which the company said resulted in the deferral of contracted and expected revenue.
Following discussion with the Brace vendors, Cipherpoint has agreed to seek shareholder approval to vary the terms of the milestones to provide a mechanism to allow for pro-rata issue of milestone shares and conversion of performance rights based on the proportion of the sales targets achieved.
The company will seek shareholder approval at the upcoming AGM on Friday in recognition that COVID-19 lockdowns are circumstances which were outside of the control of the Brace168 vendors.
Semiconductor manufacturing tech developer BluGlass dropped 3.12% today despite announcing the appointment of laser industry veteran James Haden as president.
“Jim’s unique synergy of deep technical, commercialisation and leadership skills along with his extensive customer and supply chain network will be invaluable in solving our reliability challenges as we transition BluGlass to profitability and deliver a pipeline of next-generation laser products to market,” executive chair James Walker said.
“Our ability to attract an industry executive of Jim’s calibre is a testament to the quality of our industry-leading technology, which addresses the growing demand for brighter and better performing lasers.”
Predictive analytics and Artificial Intelligence (AI) company Houston We Have dropped 2.94% today off the back of news it’s formed a strategic partnership to develop applications for its subsidiary ECHOiQ’s technology with cardiology software provider Extential Solutions Pty Ltd.
Essentially, ECHOiQ’s technology provides an at-risk probability for severe aortic stenosis.
The agreement with Extential has been established with the aim of integrating ECHOiQ’s AI based Enhanced Screening Program (ESP) technology with current echocardiogram reporting and data analytics software provided by Extential.
ECHOiQ chair Andrew Grover said the partnership will pave the way for “rapid integration and scalable application of ECHOiQ’s ground-breaking technology into existing echocardiogram reporting workflows.”
“This should see fast, actionable deployment of our solution, creating impact in supporting earlier identification of patients displaying an ‘at-risk phenotype’ for aortic stenosis – the first of a number of cardiac conditions being targeted by ECHOiQ,” he said.